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Kansas Securities Regulation
In 1911, Kansas became the first state to pass a law regulating the sale of investments. According to J.N. Dolley, a driving force for the law's passage, it was an effort to prevent the sale of securities by promoters who promised rain, but delivered only “blue sky.” In the next few years, other states passed similar laws and today, all states' securities laws are referred to as "blue sky laws". Following the great stock market crash of 1929, the federal government began to regulate investment activity with the passage of the Securities Act of 1933, and the creation of the
U.S. Securities and Exchange Commission
Role of the Office of the Kansas Securities Commissioner
The Office of the Kansas Securities Commissioner is an independent state agency funded entirely by industry fees. The agency regulates and monitors the offering of securities and financial services within Kansas by registering securities, broker-dealers and their agents, investment advisers and their representatives, and loan brokers. Agency staff conduct periodic examinations to determine whether registered persons comply with industry, legal and accounting standards specified by laws and regulations and also investigate potential violations of the laws and regulations administered and enforced by the agency. Special Agents with law enforcement powers conduct criminal investigations of alleged frauds or other unlawful acts. The staff has the authority to investigate any investment-related activity that occurs in Kansas, even when companies or individuals from outside of the state are involved.
The Securities Commissioner and staff administer the
Kansas Uniform Securities Act
Loan Brokers Act
and enforce these laws through administrative, civil, and criminal proceedings.
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